The 20-story Lied Place Residences, which topped out last year at 250 feet, making it the city's second-tallest building after the state Capitol, may not hold that title for long.
Developers are proposing a 22-story building at Ninth and P streets that would likely eclipse Lied Place by a few feet.
The building, to be built on the northwest corner of the intersection, where Melichar's 66 Sales & Service has sat for more than five decades, would combine office space, rental apartments and condo units.
According to plans submitted to the Lincoln-Lancaster County Planning Department, the building would have 36,000 square feet of office space on floors two through five, 70 luxury apartment units on floors seven through 15, and 33 condo units on floors 16 through 21.
Steve Glenn, one of the partners in the development, called it a "very dynamic building" that's going to be "transformational for Lincoln."
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"There's nothing like this between Chicago and Denver," said Glenn, who owns Lincoln-based Executive Travel and several other businesses.
Amenities planned include a members-only club on the roof of the building and a host of amenities on the sixth floor for apartment renters that will include a pool, fitness center, co-working suites and a pet wash station, he said.
The total cost of the project is estimated at $87 million, including about $23 million of tax-increment financing, which allows the developers to use future property taxes the project generates to pay for certain upfront costs.
A good portion of the TIF money would likely go to demolition and site remediation, as underground fuel tanks will have to be removed and any contamination cleaned up before construction starts.
If the project comes to fruition, it will mean the end of Melichar's — at least in its iconic downtown location — where it's operated as a family business since it was built in 1969.
Bruce Melichar, whose dad was involved with the opening of the location and whose son, Jeff, runs day-to-day operations now, said he's been given a time frame of January or February for when developers will make a final decision on whether the project will go forward, and he's been told demolition work could begin as early as May.
While he doesn't want to leave downtown, where he said the station is "probably doing more business than we've ever done," he does have an agreement in place to take over operation of another Phillips 66 station in Lincoln.
"At least we've got a plan where Melichar's will still be doing business in Lincoln, Nebraska," he said.
If built, the new high-rise would join a number of other projects that are adding hundreds of living units downtown, most of them in the area bounded by Eighth, 11th, N and Q streets.
They include Atmosphere Lincoln, a 13-story, 320-unit student-oriented apartment complex expected to open next summer on the former site of the Journal Star at 926 P St.; WD Brock Lofts, a 70-unit apartment development at 1030 O St. that's in the planning stages; a redevelopment of the Terminal Building at 10th and O streets that's adding 30 condo units to its upper floors; and the redevelopment of the former Lincoln Electric System headquarters building at 11th and O streets into approximately 20 condos.
Todd Ogden, president and CEO of the Downtown Lincoln Association, said there's plenty of demand to absorb another 100 or so downtown residential units.
"Our occupancy numbers are still very strong, so we more than welcome this type of development in downtown Lincoln," Ogden said in an email. "More inventory in the market will lead to more competitive price points and bring more people to an area that is continuing to thrive on its rapid transformation into a 24/7 urban neighborhood."
He called Glenn a "downtown champion," who, along with his partners, have "put a lot of thought into this development."
Among Glenn's partners are his son, Paul; Mike Weatherl, who founded Silverhawk Aviation and now owns a company that provides security and janitorial services; and Alexander Carlson, whose family owns ARYSE, a startup that makes high-tech orthopedic braces.
Glenn said there are a number of other partners in the project, but he declined to name them.
He said the group has been working on the development for more than five years, and he was careful to note that a lot of work still has to be done to ensure it becomes a reality.
"We don't want to portray that this is a done deal," he said.
But Glenn said he's optimistic. The development group has secured financing and has 40% of the condo units presold, he said, close to its goal of 50% to start construction.
The city approval process is tentatively scheduled to start Nov. 2 with a public hearing before the Planning Commission, likely followed later that month with a hearing before the City Council.
If everything goes as planned, Glenn said he hopes to be able to break ground next spring, with an expected construction timeline of 24 months.
"We're very excited," he said. "We want this building to be a catalyst for the city."